We had a meeting with the management of V-Mart Retail (VRL) recently to get its thoughts on the way forward after what has been a weaker-than-expected FY19. The expectation at the beginning of FY19 was of high single-digit same-store sales growth (SSG), but in YTDFY19 it has been just 3.7%. VRL is of the view that such SSG is not likely to be the new normal and expects the situation to improve going forward. According to VRL, rural incomes have been impacted adversely (likely because of adverse pricing of farm produce) and that had an impact on demand. Demand in March 2019, driven by the festival of Holi', will determine VRL's performance in 4QFY19 which has otherwise been weaker than expected. VRL...